HUNTINGTON BEACH, CA—Marcus & Millichap has completed the sale of a 13,772-square-foot Walgreens drugstore in Huntington Beach. The $16 million sales price equates to $1,162 per square foot. The price is the highest ever recorded for a California Walgreens.
“The triple-net lease has a firm term of 25 years with renewals extending out to 60 years,” says Joe Linkogle, vice president investments in Marcus & Millichap's Long Beach office. “The property was originally built on a ground lease that has 5% rent increases every five years. Those increases are now part of the current lease, which is rare for this asset type.”
Linkogle, along with Adam Friedlander, senior associate in the firm's Long Beach office, represented the seller. The asset is located at 4935 Warner Ave. in Huntington Beach on the signalized northwest corner of Bolsa Chica Street and Warner Avenue. Approximately 57,000 cars pass by per day.
Built in 2010 on a 56,506-square-foot lot, the Huntington Beach Walgreens is a 24-hour store with a drive-through prescription window.
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